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Case Status:    ONGOING    
On or around 05/22/2019 (Ongoing date of last review)

Filing Date: May 22, 2019

According to the Complaint, Livent produces and distributes chemicals. Its primary products are battery-grade lithium hydroxide, butyllithium, and high purity lithium metal.

In October 2018, Livent completed its initial public offering (“IPO”) in which it sold 23 million shares of its common stock at $17.00 per share.

On February 11, 2019, Livent released its fourth quarter 2018 financial results that missed top line sales targets, citing difficulties negotiating contracts with existing customers. On this news, Livent’s share price fell $0.57, over 4%, to close at $12.55, on February 12, 2019.

Then, on May 8, 2019, the Company announced disappointing financial results for first quarter 2019, citing further customer issues. On this news, Livent’s share price fell $1.70, nearly 16%, to close at $9.03 on May 8, 2019.

The Complaint alleges that Livent's Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that a supply contract with Nemaska Lithium Inc. had been terminated; (2) that, as a result, the Company would be forced to fulfill its customer contracts using alternative vendors at reduced revenues and lower margins; (3) that the Company had a long-standing contract to supply lithium hydroxide to a customer at a much lower price than any of the Company’s existing contracts; (4) that the Company’s margins were squeezed due to the customer’s increased orders; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Metal Mining
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LTHM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 19-CV-02218
JUDGE: Hon. Chad F. Kenney
DATE FILED: 05/22/2019
CLASS PERIOD START: 10/12/2018
CLASS PERIOD END: 05/22/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (New York)
    122 East 42nd Street, Suite 2920 , Glancy Prongay & Murray LLP (New York), NY 10168
    (212) 682-5340 (212) 884-0988 ·
No Document Title Filing Date
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—Related District Court Filings Data is not available